Word: euros
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Already, European officials and business leaders fear that an overvalued euro could hinder their exports, while higher interest rates and slower growth in the U.S. would deprive the world economy of its most dynamic engine. "We all need to see the U.S. growing," says Jean-Pierre Hellebuyck, European equity strategist at insurance group AXA Asset Management. "Europeans can't afford to see the collapse of the dollar...
...biggest winners in all this could be the U.S. investor who bets on the euro's boost to European growth. "For the American investor," says J. Paul Horne, equity-market economist with Salomon Smith Barney in London, "the euro zone will be one of the few places in the world with risk comparable to that in the U.S. and with the kinds of structural changes that we saw in the U.S. over the past five years: balanced budgets, increased competitiveness, productivity gains...
...most individual American investors, the best way to invest in Europe is through mutual funds. Paribas' Leresche, however, offers this caveat: any fund limited to the euro zone will miss some great companies in Britain, Switzerland and Sweden. These countries are not participating in the single currency, but their stocks account for nearly half the equity value in Europe. Leresche's advice: "Choose a fund that has euro-denominated investments but a Europe-wide view." He recommends the Luxembourg-based Parvest fund, which boasts relatively low fees, superior long-term performance and stable management. Other experts on the European market...
While Americans lately have seen how currency crises abroad can hammer their investments, the advent of the euro serves as a reminder that the global economy also offers bright opportunities...
...hyperconsciousness of the tribal is one of the functions of city life. Certainly it was for Pollock, and from it stemmed his abiding interest in the "totemic"--in mythic images that were either lost to modern, Euro-American culture or buried so far back in its origins that they seemed mysterious and exotic. Pollock in the late 1930s was a boy in deep emotional trouble, drinking like a fish and undergoing Jungian analysis. Like other Abstract Expressionists-to-be (Mark Rothko, for instance), he was on the lookout for archetypes and dark, unconsulted levels of feeling, in the hope that...